Lido Holds Over 9 Million Ethereum, Dominating the Market
Recent data has revealed that Lido, the leading liquid staking protocol (LSP), currently holds over 9 million ethereum within its system. This represents a significant 77.81% of the total ethereum value locked in current LSPs, highlighting Lido's dominant position in the market.
Lido and Rocket Pool Reach New Milestones
Lido is at the forefront of the liquid staking market, which is now valued in the billions. Liquid staking allows users to stake tokens while keeping the assets "liquid" or "unlocked," enabling various applications and providing stakers with rewards while maintaining access to their funds.
On November 21, 2023, Lido achieved a significant milestone by surpassing 9 million ether deposits. As of December 3, 2023, Lido holds a substantial 9.28 million ethereum in deposits, with an influx of 490,000 ether in the preceding 36 days.
The total value locked (TVL) in the Lido protocol is estimated at $20.05 billion, making up a commanding 77.81% of the market share among the 25 LSPs. The second-largest player, Rocket Pool, recorded a deposit of 49,214 ether in the same 36-day period.
Rocket Pool also celebrated a significant achievement, surpassing the 1 million ETH mark in TVL. While Lido and Rocket Pool observed deposits of 490,000 and over 49,000 ether respectively, Binance's LSP experienced a more modest increase of 3,459 ETH since October 27.
Lido's STETH and Rocket Pool's RETH Tokens
In the realm of staking token derivatives, Lido's STETH ranks among the top ten crypto assets on platforms like coingecko.com. However, it is not listed in the top ten on coinmarketcap.com. If STETH were recognized among the top ten crypto assets today, its market capitalization would make it the eighth largest.
Rocket Pool's RETH token is currently positioned as the 52nd largest among over 10,000 listed crypto assets. Additionally, LSPs account for more than 52% of the TVL in defi today, according to defillama.com. The milestones achieved by Lido and Rocket Pool highlight that these protocols now control a combined total of 10 million locked ether worth $22.28 billion.
What are your thoughts on Lido crossing the 9 million mark and Rocket Pool surpassing 1 million ether? Share your opinions in the comments section below.
Frequently Asked Questions
What Is a Precious Metal IRA?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These rare metals are often called “precious” as they are very difficult to find and highly valuable. These are good investments for your cash and will help you protect yourself from economic instability and inflation.
Precious metals are sometimes called “bullion.” Bullion refers only to the actual metal.
Bullion can be bought through many channels, including online retailers, large coins dealers, and some grocery shops.
You can invest directly in bullion with a precious metal IRA instead of buying shares of stock. This ensures that you will receive dividends each and every year.
Precious metal IRAs have no paperwork or annual fees. Instead, you pay only a small percentage tax on your gains. Plus, you get free access to your funds whenever you want.
Is buying gold a good way to save money for retirement?
Although it may not look appealing at first, buying gold for investment is worth considering when you consider the global average gold consumption per year.
Physical bullion bars are the most popular way to invest in gold. But there are many other options for investing in gold. Research all options carefully and make an informed decision about what you desire from your investments.
For example, purchasing shares of companies that extract gold or mining equipment might be a better option if you aren't looking for a safe place to store your wealth. Owning gold stocks should work well if you need cash flow from your investment.
You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.
How much should precious metals make up your portfolio?
To answer this question, we must first understand what precious metals are. Precious Metals are elements that have a very high relative value to other commodities. This makes them highly valuable for both investment and trading. Today, gold is the most commonly traded precious metal.
There are also many other precious metals such as platinum and silver. The price of gold fluctuates, but it generally remains stable during times of economic turmoil. It is also relatively unaffected both by inflation and deflation.
As a general rule, the prices for all precious metals tend to increase with the overall market. They do not always move in the same direction. For example, when the economy is doing poorly, the price of gold typically rises while the prices of other precious metals tend to fall. This is because investors expect lower rates of interest, which makes bonds less attractive investments.
However, when an economy is strong, the reverse effect occurs. Investors choose safe assets such Treasury Bonds over precious metals. These precious metals are rare and become more costly.
Diversifying across precious metals is a great way to maximize your investment returns. Additionally, since the prices of precious metals tend to rise and fall together, it's best to invest in several different types of precious metals rather than just focusing on one type.
How can I withdraw from a Precious metal IRA?
You first need to decide if you want to withdraw money from an IRA account. Make sure you have enough cash in your account to cover any fees, penalties, or charges that may be associated with withdrawing money from an IRA.
A taxable brokerage account is a better option than an IRA if you are prepared to pay a penalty for early withdrawals. If you choose this option, you'll also need to consider taxes owed on the amount withdrawn.
Next, determine how much money you plan to withdraw from your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
Once you know how much of your total savings to convert to cash, it's time to choose the type of IRA that you want. Traditional IRAs permit you to withdraw your funds tax-free once you turn 59 1/2. Roth IRAs have income taxes upfront, but you can access the earnings later on without paying additional taxes.
Once the calculations have been completed, it's time to open a brokerage accounts. A majority of brokers offer free signup bonuses, as well as other promotions, to get people to open accounts. Avoid unnecessary fees by opening an account with your debit card, rather than your credit card.
When it's time to make withdrawals from your precious-metal IRA, you'll need a place to keep your coins safe. Some storage facilities will accept bullion bars, others require you to buy individual coins. You'll have to weigh the pros of each option before you make a decision.
Bullion bars, for example, require less space as you're not dealing with individual coins. But you will have to count each coin separately. You can track their value by keeping individual coins.
Some people prefer to keep coins safe in a vault. Some people prefer to store their coins safely in a vault. Regardless of the method you prefer, ensure that your bullion is safe so that you can continue to enjoy its benefits for many years.
What are the benefits of a gold IRA
Many benefits come with a gold IRA. You can diversify your portfolio with this investment vehicle. You control how much money goes into each account and when it's withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. This makes for an easy transition if you decide to retire early.
The best part is that you don't need special skills to invest in gold IRAs. These IRAs are available at all banks and brokerage houses. You do not need to worry about fees and penalties when you withdraw money.
There are, however, some drawbacks. Gold has historically been volatile. So it's essential to understand why you're investing in gold. Is it for growth or safety? Are you looking for growth or insurance? Only once you know, that will you be able to make an informed decision.
If you plan on keeping your gold IRA alive for a while, you may want to consider purchasing more than 1 ounce of pure gold. One ounce won't be enough to meet all your needs. Depending on the purpose of your gold, you might need more than one ounce.
You don’t necessarily need a lot if you’re looking to sell your gold. You can even get by with less than one ounce. But, those funds will not allow you to buy anything.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
bbb.org
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
cftc.gov
irs.gov
How To
3 Ways To Invest in Gold For Retirement
It is important to understand the role of gold in your retirement plan. You can invest in gold through your 401(k), if you have one at work. You might also be interested to invest in gold outside the workplace. You could, for example, open a custodial bank account at Fidelity Investments if your IRA (Individual Retirement Account) is open. You might also consider purchasing precious metals directly from a trusted dealer if they are not already yours.
These are the three rules to follow if you decide to invest in gold.
- Buy Gold With Your Cash – Do not use credit cards to purchase gold. Instead, put cash into your accounts. This will help to keep your purchasing power high and protect you against inflation.
- Physical Gold Coins: You should own physical gold coins, not just a certificate. It's easier to sell physical gold coins rather than certificates. Physical gold coins don't require storage fees.
- Diversify Your Portfolio. – Do not put all your eggs into one basket. In other words, spread your wealth around by investing in different assets. This helps reduce risk and gives you more flexibility during market volatility.
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By: Jamie Redman
Title: Lido and Rocket Pool Lead the Liquid Staking Market with Milestone Ether Deposits
Sourced From: news.bitcoin.com/lido-achieves-9-million-ethereum-milestone-as-rocket-pool-surpasses-1-million-in-defis-booming-staking-sector/
Published Date: Sun, 03 Dec 2023 20:30:57 +0000
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